Second Quarter 2025 Earnings Call. Thank you for joining Reading International's Earnings Call to discuss our 2025 second quarter. My name is Andrzej Matyczynski, and I am Reading's Executive Vice President of Global Operations. With me are Ellen Cotter, our President and Chief Executive Officer; and Gilbert Avanes, our Executive Vice President, Chief Financial Officer and Treasurer. Before we begin the substance of the call, I will run through the usual caveats. In accordance with the safe harbor provision of the Private Securities Litigation Reform Act of 1995, certain matters that will be addressed in this earnings call may constitute forward- looking statements. Such statements are subject to risks, uncertainties and other factors that may cause our actual performance to be materially different from the performance indicated or implied by such statements. Such risk factors are clearly set out in our SEC filings. We undertake no obligation to publicly update or revise any forward-looking statements. In addition, we will discuss non-GAAP financial measures on this call. Reconciliations and definitions of non-GAAP financial measures, which are segment operating income, EBITDA and adjusted EBITDA are included in our recently issued 2025 second quarter earnings release released on August 14 on our company's website. We have adjusted, where applicable, the EBITDA items we believe to be external to our business and not reflective of our cost of doing business or results of operations. Such costs could include legal expenses relating to extraordinary litigation and any other items that we can consider to be nonrecurring in accordance with the 2-year SEC requirement for determining whether an item is nonrecurring, infrequent or unusual in nature. We believe that the adjusted EBITDA is an important supplemental measure of our performance. In today's call, we also use an industry accepted financial measure called Theater Level Cash Flow, TLCF, which is theater level revenue less direct theater level expenses. Average ticket price, ATP, which is calculated by dividing cinema box office revenue by the number of cinema admissions is also used as an accepted industry acronym. We will also use a measure referred to as Food and Beverage Spend Per Patron, F&B SPP, which is a key performance indicator for our cinemas. The F&B SPP is calculated by dividing a cinema's revenues generated by food and beverage sales by the number of admissions at that cinema. Please note that our comments are necessarily summary in nature, and anything we say is qualified by the more detailed disclosure set forth in our Form 10-Q and other filings with the U.S. Securities and Exchange Commission. So with that behind us, I'll turn it over to Ellen, who will review our 2025 second quarter results and discuss our business strategy going forward, followed by Gilbert, who will provide a more detailed financial review. Ellen?

Thanks, Andrzej. Welcome, everyone, to the call today, and thanks for listening in. This past quarter, our teams across Australia, New Zealand and the United States delivered the best second quarter operating income since Q2 2019, with both our global cinema and real estate divisions contributing to the improved results. And advancing our strategic priority to reduce our overall debt balance, during the quarter, we also completed the sale of our Cannon Park assets in Townsville, Australia for AUD 32 million. The proceeds were used to pay off our AUD 20 million NAB bridging facility and reduce our Bank of America debt by AUD 1.5 million. Including these payoffs, we've repaid over $102.5 million of debt since June of 2020, just after the start of the pandemic. The second quarter movie lineup was amazing and generated hits that resonated with a wide range of audiences. A Minecraft Movie, Lilo & Stitch, Mission: Impossible The Final Reckoning, Thunderbolt, Sinners, the live action remake of "How to Train Your Dragon" and Brad Pitt in F1 performed well across our markets with certain movies appealing overwhelmingly to our specific audiences. For instance, our consolidated theater circuit in Hawaii embraced Jason Momoa in Minecraft and Disney's Lilo & Stitch. Our global -- Q2 2025 box office helped us deliver these improved results for the quarter. At $60.4 million, our global total revenues increased 29% versus Q2 '24. At $2.9 million, our global operating income increased 138% from a global operating loss of $7.7 million in Q2 2024. At $6.3 million, our positive EBITDA, which includes a gain on the sale of our Cannon Park real estate assets, increased over 276% from a negative EBITDA of $3.6 million in the second quarter of '24. At $56.8 million, our Q2 2025 global cinema revenue was 32%…

Thank you, Ellen. Consolidated revenue for the quarter ended June 30, 2025, increased by $13.6 million to $60.4 million when compared to the second quarter of 2024. Consolidated revenue for the 6 months ended June 30, 2025, increased by $8.7 million to $100.5 million when compared to the same period of 2024. These increases are due to stronger movie related released from the Hollywood studios, including higher performing titles such as Minecraft Movie, Sinners, Lilo & Stitch, Mission: Impossible and Thunderbolts, partially offset by a slight decrease in real estate revenue because of the revenues lost from our asset monetization. Net loss attributable to Reading International Inc. for the quarter ended June 30, 2025, decreased by $10.1 million to a loss of $2.7 million compared to a loss of $12.8 million in Q2 2024. Q2 2025 basic loss per share decreased by $0.45 to a basic loss per share of $0.12 compared to the basic loss per share of $0.57 for the Q2 2024. These improved results were primarily due to improved cinema and real estate performance, a $1 million reduction in interest expense and the $1.8 million gain on sale of our Cannon Park Property compared to the same period in prior year. Net loss attributable to Reading International Inc. for the 6 months ended June 30, 2025, decreased by $18.6 million for a loss of $26 million to a loss of $7.4 million when compared to the same period in the prior year. Basic loss per share decreased by $0.83 to a loss of $0.33 compared to a loss of $1.16 for the first 6 months of 2024. These results were primarily due to strengthened segments result, a $1.6 million reduction in interest expense and a $9.5 million increase in gain on sale of assets as a result…

Thanks, Gilbert. First, I'd like to thank our stockholders for forwarding questions to our Investor Relations e-mail. As usual, in addition to addressing many of your questions in the prepared remarks from Ellen and Gilbert, we've selected a few additional questions to offer some more insights from management.

The first question, which Ellen will address, why was Rotorua land and improvements removed from held for sale in late 2024? In what way did you change your views about the property's long-term prospects? Ellen?

We initially classified Rotorua as an asset held for sale as we believed it could be sold at a reasonable price and could assist in our overall debt reduction strategy. However, this asset, which is located in the regional area of New Zealand and at the time we listed the asset for sale, which was a challenging period for New Zealand commercial real estate, it failed to attract the attention that we would -- that we thought would merit a sale of the asset. So we officially took it off the market. Today, the asset continues to generate reasonable cash flow for us. So we continue to believe in the merit of the property as part of our overall cinema circuit in New Zealand.

Thanks, Ellen. The next question, what is NAB's appetite for longer-dated facility given the lower leverage and increased Australian cash flow from cinema segment rebound? Gilbert?

We are currently working with NAB on a longer-term extension. We've been banking with NAB since 2011. And as an institution, we believe we have a good working relationship with them. They are familiar with our industry and our specific assets and businesses. While we can provide no assurance that the long-term extension will be completed, we're working towards having something in place within the next few months.

Thanks, Gilbert. The post -- the property sale, what are the landlord''s seismic upgrade time line commitments and current status versus those commitments? This refers to -- is it Courtenay asset in New Zealand. Has the new owner started seismic work? And when is it expected to be deliverable to Reading for its leasehold improvements? What are Reading's estimated leasehold improvement costs for the upgrades you plan for reopening this cinema? And what are these upgrades and expected duration requirements for Reading's completion once a seismically sound cinema is presented to you? Ellen?

The Primeproperty Group in New Zealand and Wellington is the new owner of the Courtenay Central Building. They're advancing their plans to seismically upgrade the former Courtenay Central building. They're currently working with registered engineers to finalize the seismic design with an anticipated upgrade to be completed sometime in 2026. The cinema renovation is going to be a significant transformation for us. We're upgrading to recliner seating. We're creating premium screen experiences and performing a lobby and F&B upgrades. We'll start the fit-out process immediately following the completion of Prime's upgrade work. And while we don't disclose specific budget figures, the investment in the new or in the renovated Reading Cinema at Courtenay Central will be several million dollars in line with our best-in-class standards. The target for reopening is late '26 or early '27. However, as we don't control the development process and the works, we can't give any assurances that we'll actually meet the schedule.

Thanks, Ellen, for that answer. And as usual, we'll finalize the conference call with one final question, which I will field regarding, will there be an Investor Relations Day as promised earlier in the year? While we do not currently have an Investor Relations Day scheduled. However, management is actively evaluating all future Investor Relations opportunities, which include non-deal roadshows, virtual or otherwise, more conference participation as well as a potential Investor Relations meeting. As our COVID recovery and that of our industry continues and the shape of our adapted company becomes more apparent, all the above venues will provide an excellent opportunity to share the future potential growth prospects with both new and existing stakeholders. So that marks the conclusion of this, our second conference call for 2025, a year which continues to see a gradual resurgence of the breadth and depth of the cinematic experience, which we aspire to translate into enhanced value for all our stockholders. We appreciate you listening to the call today. Thank you for your attention and support. We wish everyone good health and safety, and we'll see you at our movie venues.